- Strong DCF coverage ratios; no material differences between reported and sustainable DCF.
- Growth in DCF per unit far exceeding growth in distributions.
- MMP has not issued additional partnership units in over 3 years.
- Favorable structure: no IDRs, low leverage.
- Ability to increase distributions beyond the 20% and 15% projected for 2014 and 2015; premium price vs. other MLPs justified.